Shares were down nearly $5 on news the company fired CEO Steve Easterbrook over an inappropriate relationship with an employee. All after the company’s board determined that Easterbrook “violated company policy and demonstrated poor judgment involving a recent consensual relationship with an employee,” as reported by Fox Business.
McDonald’s has named Chris Kempczinski, as its new president and CEO.
“I’m thrilled to be leading this incredible company. Working alongside our talented team, our Board, our franchisees and suppliers, I am committed to upholding our rich heritage of serving our customers and driving value for our shareholders and other stakeholders,” says Kempczinski, as quoted in the company’s press release.
“As one of the world’s leading brands, McDonald’s makes a difference in the lives of people every day. We have a responsibility not only to serve great food, but to make it responsibly and to enrich the communities in which we operate. I am energized by this challenge and look forward to guiding McDonald’s continued success,” he added.
Keep an eye on the stock, though. It’s severely oversold and could pivot higher once the latest news has been fully priced in.
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